Ivory Energy Inc. (TSX VENTURE:IV) ("Ivory") Further to Ivory's news release of February 5, 2009, announcing the plan of arrangement where under Ivory is to be acquired by Emergo Energy Inc. (the "Arrangement"), Ivory announces that the mailing of the information circular and proxy materials to all holders of Ivory securities ("securityholders"), including Ivory shares, Ivory stock options, Ivory listed warrants and Ivory debentures, was completed on February 27, 2009. Ivory's financial advisor, Haywood Securities Inc., has provided the Ivory Board of Directors with their opinion that, as of the date of the information circular, the consideration to be received by Ivory's shareholders pursuant to the Arrangement is fair, from a financial point of view. All of the officers and directors of Ivory and certain other securityholders who, collectively, own 28% of the, Ivory shares, Ivory options and Ivory listed warrants voting as a single class, as provided for in the Arrangement and 22% of the principal amount of the Ivory Debentures have entered into Support Agreements in support of the Arrangement. Ivory's special meeting, to approve the Arrangements set for March 26, 2009. The closing of the Arrangement is expected to occur on or about March 26, 2009 provided that the requisite securityholder approvals are obtained, as well as the approval of the Court of Queen's Bench of Alberta and certain regulatory agencies.

Further, Ivory has filed its Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2008 as mandated by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. For a detailed description of the reserves please refer to Ivory's Statement of Reserves Data and Other Oil and Gas Information, Form 51-101-F1 and related filings which are available at www.sedar.com.

Disclosure provided herein in respect of BOE units may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf to 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in this news release are derived by converting gas to oil according to this 6 Mcf to 1 Bbl ratio.

Certain information set forth in this news release contains forward-looking information within the meaning of applicable securities laws. Words such as "may", "will", "should", anticipate", "plan", "expect", "believe", "predict", "estimate" or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the light of Ivory's experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by Ivory to be reasonable and relevant in the circumstances. Forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Ivory's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. Ivory's actual results, performance or achievement could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Ivory or its securityholders will derive there from. Ivory disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise except as required by securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.